New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1887-08-06
CLOSING PRI0ES OF B0sr0y sf00Kx
Boston. Aug 1. 1871
FRIDAY, Aug. 3 P. n.

FRIDAY, Aug. D. p. n.
Either at Its source or somewhere between there aud
the the opening sentences OF our comments
yesterday. the stock market got somewhat mudIed
The idea which cnieayored TO convey was that We'd
nesdays important proofs OF tho baseiessncss OF
Tuesdays concerning the hnsncial standing OF
several firms supplemented yesterday morning by
the important OF tue Trcasurys offer
anticipate the payment OF Interest and OF Its invita-
ton for proposals to sell its LIZ per cent bonds and
that the addition OF the item OF less import, added
that Of Wednesdays greater import caused rush TO
purchase stocks yesterday morning
There now Is a wonderful unanilnity OF opinion tas ex
pressed between those who heretofore have scoed al
the idea OF stringency In money during the coming
autumn and those who have talked tight money the
loudesL Both that the offers viii take little money
the Treasury but there they par one side main
tains its original position that barring manipulation
there viii exist for unusual Treasury dis
bursenens and feel fortified under the belief that the
Treasurys offer Is sufficient to prevent such manpula
ion; the othor side claims that the bonds held
that how stringent the money market may DO
very few bonds will be surrendeed and few calls for
interest viii DO made. AS matter OF fact, large
amount Of bonds held in NewYork on spccaia-
ton and that it. is that observation-disclosures which 10
day further dyaDced the bids and asking prices for the
4s and lbs IL per cent preparatory 10 the offerings
TO the Government next Wednesday.
Since June 81 much has been written and said about
oso~"
The manufacturers not only have F" burst" H. 5.
ives Co once or twice every week SINCE but they have
played and loose with the names OF some OF the
most reputable firms In the Street And yet in that
whole six weeks which have tried mems souls there
has not been financial failure worthy OF remark and
there is not particle Of evidence that any OF the
less than one thousand derogatory reports ever hal
shadow OF foundation. Nevertheless they have been
successful In working kind OF Generalization In rho
stock Business wassdul before and the stories
did destroy what little outside disposition TO purchase
there may have existed before June d But where Is
the uch-taked-about liquidation Some stocks OF
course have shaken OF weak and timid holders
II Is moderate estimate say that the market has
been supplied with overissLe Of 100000 phantom
shares created by short sales II Is this which has
reduced the values dull and stless market Is t
not about time begin to inquire who has absorbed
these phantom shares : No will claim that they
have been absorbed by the public the bulls say
there has been no public buying until within day
two, and the bears say the public has been selling
The trslers have all been bearish. Who has gobbed
the short stocks 1t Is an interesting and important
onestio for those who have yet buy back and cancel
their creations None OF the promised disasters has
occurred Notwithstanding the heavy fall in futures.
Better evidence soun1ness OF tho situation could
not be given The general business Of the country has
been on the up the whole period OF Stock
Exchange depression and railway earnings were never
better nor progressive Added to what as gone
before the quarterly statement of the Bostonand Albany
emphasizes the situation For the three months ended
June 80 Its balance first charges was 81 $40 per
cent greater the period OF 1885 while the
gain for the months ended juno 80 was only 10 7l0
per cent The same been true OF all the trunk line
statcpents ssued the gains for the last three months
were much greater than for the preceding three months
handle made OF the fact that many OF the railroads
are showing some losses for the fourth week In July,
but earnings for the week Of this year equal to those OF
the week of 1886 gain Of ~ cent bee ause
the week ten days. OF this year contained two Sundays
instead OF ono.
To-day the fairly active and ruled strong
ALL the way out There strong resistance offered
70 the advances and at every tagging In the buying
three or four tines prices hammered aud sent
back Ia per cent, only Immediately to recover and
make still further advances. While there was no
boom the confidence shown marked and agrees
sive Even the buyers OF phantom shares Who
ever he or they may be, show no disposition to accept
checks for the differences yet accrued The
we're general and irregular only in the amount OF the
and the market closed strong at near the high
est hgores.
Government bonds without sales at the board.
but tho bids cent for the As and 4s
Annexed are the closing quotations: